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FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the period ended March 31, 1996
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from __________ to _________
Commission File Number: 33-18089-A
HICKORY HILLS, LTD.
(Exact name of Registrant as specified in its
charter)
Tennessee 62-1336904
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
One Belle Meade Place, 4400 Harding Road, Suite 500,
Nashville, Tennessee 37205
(Address of principal executive office) (Zip Code)
(615) 292-1040
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1)
has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such
shorter period that the Registrant was required to file
such reports),and (2) has been subject to such filing
requirements for at least the past 90 days.
YES X NO ___
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
HICKORY HILLS, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For The Three Months Ended March 31, 1996
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
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<TABLE>
HICKORY HILLS, LTD.
<A Limited Partnership)
BALANCE SHEETS
(Unaudited)
<CAPTION>
March 31, December 31,
1996 1995
--------- ----------
<S> <C> <C>
ASSETS
CASH $ 236,837 $ 259,074
RESTRICTED CASH 340,022 336,112
LAND & IMPROVEMENTS HELD
FOR INVESTMENT 2,725,156 2,740,975
OTHER ASSETS 280 21,293
Total Assets $3,302,295 $ 3,357,454
========== ==========
LIABILITIES AND PARTNERS' EQUITY
Accrued Interest Payable $1,493,716 $1,526,399
Accrued Property Taxes - 9,855
Note Payable to Affiliate 3,454,300 3,454,300
Other Accrued Expenses 54,750 47,100
Partners' Deficit (1,700,471) (1,680,200)
Total Liabilities &
Partners' Deficit $3,302,295 $ 3,357,454
========== ===========
<FN>
See notes to financial statements.
/TABLE
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<TABLE>
HICKORY HILLS, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Quarter and
Year to Date Ending
MARCH 31,
_____________________
1996 1995
____ ____
<S> <C> <C>
REVENUE:
Land Sales
Sale Proceeds $ 365,500 $ 58,500
Cost of Land Sold (258,179) (47,642)
Closing Costs (23,893) (3,459)
Gain(Loss) on Sale
of Land 83,428 7,399
Interest Income 3,910 1,267
Total Revenue $ 87,338 $ 8,666
EXPENSES:
Management Fees 750 750
Legal & Accounting Fees 9,377 10,200
General & Admin. Expenses 3,392 1,745
Land Maintenance Fees 6,773 16,029
Interest Expense 87,317 86,358
Total Expenses $ 107,609 $ 115,082
NET LOSS $ (20,271) $ (106,416)
<FN>
See notes to financial statements
</TABLE>
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<TABLE>
HICKORY HILLS, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Year-to-date
MARCH 31,
1996 1995
<S> <C> <C>
Cash Flows from
Operating Activities:
Net Income $ (20,271) $(106,416)
Adjustments to reconcile
Net Income to Net Cash used
in Operating Activities:
Interest Payments made
on Note Payable (120,000) -
Increase in Accrued
Interest Payable 87,317 86,358
Change in Accrued
Property Taxes (9,855) (35,441)
Gain on Sale of Land (83,428) (7,399)
Increase in Accrued Exp. 7,650 1,430
Increase in Restricted
Cash (3,910) -
Decrease in other assets 21,013 -
Total Adjustments (101,213) 44,948
Net Cash used in
Operating Activities (121,484) (61,468)
Cash Flows from Investing Activities:
Proceeds from Land Sale 341,607 55,041
Cost of Land Improvements (242,360) (16,914)
Net Cash provided by
Investing Activities 99,247 38,127
Net Decrease in Cash
and Cash Equivalents (22,237) (23,341)
CASH AT JANUARY 1, 259,074 387,330
CASH AT MARCH 31, $ 236,837 $ 363,989
======== ========
<FN>
See notes to financial statements.
/TABLE
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HICKORY HILLS, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1996
(Unaudited)
A.ACCOUNTING POLICIES
The unaudited financial statements presented herein
have been prepared in accordance with the
instructions to Form 10-Q and do not include all
of the information and note disclosures required by
generally accepted accounting principles. These
statements should be read in conjunction with
the financial statements and notes thereto included
in the Partnership's Form 10-K for the year ended
December 31, 1995. In the opinion of management,
such financial statements include all adjustments,
consisting only of normal recurring adjustments,
necessary to summarize fairly the Partnership's
financial position and results of operations. The
results of operations for the three month period
ended March 31, 1996 may not be indicative of the
results that may be expected for the year ending
December 31, 1996.
B.RELATED PARTY TRANSACTIONS
The General Partner and its affiliates have been
actively involved in managing the Partnership's
operations. Compensation earned for these services
in the first three months were as follows:
<TABLE>
<CAPTION>
1996 1995
________ ________
<S> <C> <C>
Management Fees $ 750 $ 750
Real Estate Brokerage
Commission 10,965 1,755
Accounting Fees 300 300
</TABLE>
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31,
1996.
During the first quarter of 1996, the Registrant sold
17 lots at the Hendersonville Property for $21,500 per
lot. From these sales proceeds, $120,000 in accrued
interest was paid to the Lender. The remaining
proceeds were retained to cover operating expenses.
Overall operations of the Registrant are comparable to
prior quarters with the exception of Land Maintenance
Fees. In 1995, the Registrant made a $8,950
association dues payment covering two years. Therefore
there is no association dues expense for 1996.
FINANCIAL CONDITION
DEVELOPMENT
Phase IV development of the Hendersonville Property
began in 1995. The development is expected to cost
approximately $275,000 and will open up an additional
31 lots. $266,000 has been spent to date. Phase V of
the Hendersonville Property development, the final
phase, began during this quarter. It is expected to
have a total cost of $300,000 and should open up 45
lots. The development in both phase IV and V includes
road and utility work. With the completion of Phase V,
all development will be complete and roads will extend
from Rockland Road through the Property to Old Hickory
Lake.
LIQUIDITY
As of April 30, 1996 the Registrant had approximately
$153,485 in cash reserves. These funds are expected
to be sufficient through 1996.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for the
first quarter of 1996.
(b) No 8-K's have been filed during this quarter.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
HICKORY HILLS, LTD.
By: 222 HICKORY, LTD.
General Partner
By: 222 PARTNERS, INC.
General Partner
Date: May 13, 1996 By:/s/ Steven D. Ezell
___________________
President
Date: May 13, 1996 By:/s/ Michael A. Hartley
______________________
Secretary/Treasurer
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<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000824481
<NAME> HICKORY HILLS, LTD.
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1996
<CASH> 236,837
<SECURITIES> 340,022
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 2,725,156
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,302,295
<CURRENT-LIABILITIES> 54,750
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> (1,700,471)
<TOTAL-LIABILITY-AND-EQUITY> 3,302,295
<SALES> 365,500
<TOTAL-REVENUES> 87,338
<CGS> 258,179
<TOTAL-COSTS> 282,072
<OTHER-EXPENSES> 107,609
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (20,271)
<INCOME-TAX> 0
<INCOME-CONTINUING> (20,271)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (20,271)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
